Lupin rose 1.55% to Rs 911.10 after the company said that it has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) Sevelamer Carbonate for oral suspension.
The drug is a generic equivalent of Renvela for oral suspension of Genzyme Corporation.
Sevelamer is used to control high blood levels of phosphorus in people with chronic kidney disease who are on dialysis.
"This product will be manufactured at Lupin's Goa facility in India, the company said.
Sevelamer Carbonate for Oral Suspension had estimated annual sales of $51.7 million in the U.S. (IQVIA MAT September 2021).
Lupin is a transnational pharmaceutical company. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets in the U.S., India, South Africa and across Asia Pacific (APAC), Latin America (LATAM), Europe and Middle-East regions.
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The company eported a consolidated net loss of Rs 2,094.87 crore in Q2 FY22 as against net profit of Rs 213.51 crore in Q2 FY21. On a consolidated basis, net sales rose 5.9% to Rs 4,003.42 crore in Q2 FY22 over Q2 FY21.
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